Black Spade Capital Limited has launched its second special purpose acquisition company, Black Spade Acquisition II Co (stock code: BSIIU), with the aim of merging, exchanging shares, acquiring assets, buying shares, restructuring or similar business combinations with one or more enterprises or assets. BSIIU announced on August 29, 2024, the completion of its previously announced initial public offering of 15 million units at a price of $10.00 per unit, resulting in a total revenue of $1.5 billion for the company.

These units began trading on NASDAQ on August 28, 2024, with the stock code "BSIIU". Each unit consists of one share of Class A common stock and one-third of redeemable warrants, with each complete warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising these units begin to trade separately, Class A common stocks and warrants are expected to be traded on NASDAQ, with stock codes "BSII" and "BSIIW", respectively.

The management team of Black Spade Acquisition II Co is led by Executive Chairman and Co CEO Dennis Tam, Co CEO and CFO Kester Ng, and Co CEO and COO Richard Taylor, each of whom has served as an executive director or advisor to Black Spade Acquisition Co ("BSAQ"), the first SPAC initiated by a company under Spade Capital. BSAQ completed its initial public offering of $169 million in August 2021. In August 2023, BSAQ and VinFast completed a $23 billion business merger. VinFast is a leading Vietnamese automaker and the first Vietnamese company to go public in the United States through SPAC.

On March 20, 2022, another SPAC company jointly initiated by Spade Capital and Bank of China (Hong Kong) Asset Management, Black Spade Asia Acquisition Co, submitted its listing application to the Hong Kong Stock Exchange, becoming the 11th SPAC in Hong Kong to submit its application, but it has not yet completed its listing and there is no follow-up.

Spades Capital is the family office of Mr. Ho Yau Lung, Chairman and CEO of Melco International Development Limited (HKEX: 200) and Melco Resorts&Entertainment Limited (NASDAQ: MLCO), responsible for managing their private investments. Headquartered on Wyndham Street in Central, Hong Kong, our business covers global investments, including various cross-border investments.

SPAC originated from the Toronto Stock Exchange in Canada in the 1990s and was used to acquire mining companies. In 1993, GKN Securities (predecessor of EarlyBird Capital) introduced it to the market and it was fully promoted by 2003. The SPAC listing model has been developing in the United States for over 20 years, but the Hong Kong Stock Exchange only introduced the SPAC listing mechanism on December 17, 2021, and it officially came into effect on January 1, 2022. From various basic thresholds such as SPAC fundraising scale, initiator qualifications, and public shareholding, the threshold for the US market is relatively relaxed. In terms of maturity, the US market is also more mature. The "broad entry" policy in the US market and the maturity and stability of the market have attracted numerous companies from around the world to go public.

Since 2009, the overseas listing capital group of small and medium-sized enterprises has adopted the SPAC reverse merger model to help them go public in the United States. It not only has a large number of high-quality SPAC shell resources, but also can help various enterprises to accurately position, optimize business models, improve governance structures, and quickly meet listing standards, ultimately helping enterprises to successfully go public overseas efficiently. Looking forward to working with you!